US indices had a mixed performance on Thursday at the back of mixed corporate results. Positive earnings from giant tech companies were offset by disappointing results from the industrial sector which ultimately led the Dow Index 0.51% lower to end at 26262. Moreover, economic data was mixed as US durable goods order rose 2.7% in March while initial jobless came well above expectations after having hit a record low in the previous week. . Apart from earnings , traders will look to US Q1 GDP data to impact sentiment and price action as it reflects the health of the US economy and in turn the Fed’s outlook on monetary policy.
The Dow Index extended losses on Thursday as it broke through the rising trend line support from March and traded through 26440 before finding support at the 20-day MA around 26260. Should the Index decline below 26260, price would drift lower to meet support at 26150. However sustaining price action above 26300 would leave price ranging with a move above 26500 required to indicate buying pressure.
Support: 26260/ 26150
Resistance: 26500/ 26590